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Move In or Sell? |
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Hello,
I have an interesting situation.
I hope this will remain confidential as I will be mentioning real #'s.
In 2005, I bought a house in Florida for $450,000. Ever since I was able to rent it and had to put in about $800 a month to cover the mortgage/taxes/etc... Not so bad.
Recently, my tenant has left and now the house is vacant. I have decided to move into the house with my family.
My situation is as follows:
The house is now appraised (yes I got it appraised officially at $220,000). That is very unfortunate. Originally I have put down $100,000. My mortgage balance is $330,000. Therefore, I am upside down in that the house is worth less then the mortgage.
Question:
Should I short sell the house and loose my $100,000? And then buy another house in the area? Or should I just live in the house and then stick it out for several years hoping it will go back up.
I appreciate your help and answer in the matter.
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Better investigage with a couple of lending institutions, or a couple of mortgage brokers, what will happen to your credit rating if you can arrange a short sale. You might find it difficult to place a new mortgage elsewhere. And with some short sales, the lender even seeks a judgment for the shortfall -- that would really torpedo your credit. YOu'd have to ask about that before trying to arrange one.
I can't really see the sense of exchanging the house you have for another in the same market. If I were you I'd just stick it out. |
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Edith
Originally published on June 19, 2009 |
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